Mauritius exits the FATF grey list
On 2 September 2022, the Ministry of Financial Services and Good Governance (‘MFSGG’) of Mauritius released a Press Communiqué stating that Mauritius has been removed from the Financial Action Task Force’s grey list (FATF). The island nation enunciated its intention to continue its work with the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) to consolidate and strengthen its AML/CFT regime.
The MFSGG participated in the ESAAMLG Council of Ministers meeting on the 2nd of September 2022 where Mauritius proposed the development of an International Corporation Review Group (ICRG) Toolkit and Methodology to support countries in the ICRG process which was approved by the ESAAMLG Council of Ministers.
Mauritius also participated in the 44th Task Force Meeting of the Senior Officials, from the 28th of August to 1st of September 2022 where Mauritius submitted the enhanced Follow-Up Report of Mauritius with a request for technical compliance re-rating of FATF recommendation 15 ‘’New Technologies’’ to be considered. Recommendation 15 focussed on assessing the risks related to new products, new business practices, new delivery channels and the use of new technologies for both new and existing products.
Following the above, the council successfully upgraded Mauritius on Recommendation 15 to “Largely Compliant” which was the only pending recommendation where Mauritius had a rating of “Partially Compliant”.
With this recommended upgrade by the council, Mauritius, as of now, is a jurisdiction “Compliant” or “Largely Compliant” with all the 40 FATF Recommendations.
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